AusGroup applies to extend AGM deadline by 2 months to Dec 31

SINGAPORE - Mainboard-listed Australian oilfield services provider AusGroup said on Wednesday (Sept 14) that it has applied to the Singapore Exchange for permission to hold its annual general meeting for the financial year ended June 30, 2016, by Dec 31 instead of Oct 31.

The company gave as reasons that it is in the process of engaging another valuer so as to obtain a more accurate and independent valuation of its Port Melville assets and port & marine business.

On Tuesday, AusGroup announced it is seeking consent from noteholders to relax the terms on S$110 million worth of notes due for maturity next month, including extending their maturity date by two years to Oct 20, 2018, in exchange for higher interest rates.

The company has been hit by the oil industry downturn, swinging to a net loss of A$192.7 million (S$197 million) for the year ended June 30, mainly as a result of impairments amounting to A$137.1 million, from a net profit of A$6.2 million the previous year.

AusGroup shares were trading flat at 4.3 Singapore cents as of 10 am on Wednesday.